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APR 20 2017

Freyr Energy mulls fund raising to fuel expansion

  • Economic Times, ET Bureau / Hyderabad
  • Created: Thu 20th APR 2017

Renewable energy start up Freyr Energy is in the process of finalising plans to raise funds to fuel its expansion and next phase of growth covering opex model projects.

The Hyderabad-based start up has grown rapidly over the past two years by raising about Rs. 10 crore so far and is now looking at raising up to $ 2-3 million. With a strong order book, it expects to close this year with revenues of Rs. 80 crore.

Founded by Saurabh Marda, Managing Director, and Radhika Choudary, Director, the company has completed more than 750 rooftop installations across 10 States engaging 80 plus channel partners.

“With the Centre encouraging setting up of the solar rooftop projects, we see a huge potential for the growth of the renewable energy sector,” Saurabh Marda said.

“We have developed SunPro, a mobile application that helps individuals and companies run their rooftop solar business with ease. The app that can be used on iOS and Android devices uses complex algorithms and data analytics to streamline the entire process of getting a customer's solar requirements fulfilled,” Saurabh said.

While the cost of solar installations has been progressively coming down, there is growing interest among people to take up solar projects. This has triggered huge business opportunity, he explained.

“Most of our installations have been based on capex model (where customers invest) but we are now also offering Opex model projects, in the latter we invest and install the projects at customer sites,” he said.

Referring to the app, he said that it functions as an all encompassing platform covering design, engineering, pricing, handles customer, supply chain and project management. It works both offline and offline, providing pricing recommendations.

“Given the current trends, and drop in prices of modules and other equipment for solar plants, we see there is potential for further downside,”Radhika said.

Tags

Renewable Energy Energy Solar

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